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2013 and earlier Lexus RX 350 / RX 450h Lease Questions

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Comments

  • texashtexash Posts: 2
    Wow did they really give you that low of a money factor?

    that works out to be .0017 x 24 = 4.08% which is the lowest I've seen. Maybe only available on a 48 mo lease
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Yes, geekma, the money factor and residual value that you posted are correct. In case you are interested, using these numbers, an MSRP of $45,706, and a selling price of $41,069 I estimate that this truck's zero down, pre-tax monthly payment should be around $537.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings tacomaboy. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Let's work up a lease payment on this truck using Lexus Financial Services' current lease program and see what we come up with. According to my calculations, if you were to lease a 2007 Lexus RX 350 AWD without the entertainment system that has an MSRP of $40,500 and a selling price of $38,000 (I think that there is a good chance that you can do better than that) through LFS right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $544. 15,000 miles per year is the highest mileage allowance that LFS publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the scheduled end of your lease and have to pay an excess mileage penalty.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're right, tacomaboy, a score of 740 is good enough to qualify for Lexus Financial Services' top aka "Tier 1+" credit tier. The cutoff for this level is 730. While individual dealers do not have the authority to lower banks' published money factors, they can and often do mark them up to add additional hidden profit to deals. That is why it is important to find out what factor is being used to calculate the payment that you were quoted.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello dcsure5148. You never mentioned the selling price or MSRP of the RX 350 that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be glad to give you my opinion of this deal if you let me know what these numbers are.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on getting such a good deal on your new Lexus RX 350, hwyranger. Thanks for taking the time to share the details of your deal with everyone. Enjoy your new ride!

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi billc112. Lexus Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2007 Lexus RX 400h AWD without the entertainment system with 12,000 miles per year are .00245 and 54%, respectively.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're right, scotty14, a money factor of .00325 is way too high. Lexus Financial Services' current buy rate for a 36 month lease of a 2007 Lexus RX 400h is only .00245 for consumers who qualify for its "Tier 1+" credit tier.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey billc112. The selling price that you were quoted for this car appears to be less than $1,000 over dealer invoice, which is pretty good. Furthermore, the money factor that you were quoted is right in line with Lexus Financial Services' current buy rate for this truck. This looks like a good deal to me.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi backtorado. A $4,000 discount on an '08 Lexus RX 350 isn't bad. It still wouldn't hurt to stop by the following discussion to see how much other community members have paid for similar trucks in your area though: "Lexus RX 350: Prices Paid & Buying Experience". The money factor that you were quoted is right in line with Lexus Financial Services' current buy rate for this model.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi mdntcallr. Both of the selling prices that you were quoted for these trucks look good to me. Plus the money factor that you were quoted is right in line with Lexus Financial Services' best buy rate for these models. I personally don't see any reason not to go with one of these deals.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi smiley6. At first glance, the selling price that you were quoted for the EX 350 that you are interested in looks a little high to me. Having said this, it's difficult for me to give you my opinion on this deal without knowing what this truck's full MSRP is. This number will show me how much of a discount you are being given. If you let me know what it is, I can give you a more detailed response to your question.

    Also, the money factor that is being used to calculate your truck's monthly payment is too high. Lexus Financial Services' current buy rate lease money factor for a 36 month lease of a 2008 RX 350 is only .00195 for consumers who qualify for its "Tier 1+" credit tier. Make sure that is the factor that the dealer you are working with uses to calculate your truck's payment.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ycr1. Lexus Financial Services' current buy rate lease money factor for the 2008 Lexus RX 350 is .00915 for up to 48 months for consumers who qualify for its "Tier 1+" credit tier.

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  • cpa3cpa3 Posts: 88
    Car_man ....is that .00915 or .000915....I think you forgot a zero...otherwise its 21% effective rate...
  • briegelbriegel Posts: 139
    I think he may have meant .00195.
  • lexuslisalexuslisa Posts: 5
    I've been trying to work a deal in Columbus, Ohio

    2008 AWD Lexus RX-350
    Premium Plus
    No Nav
    MSRP 41,746
    Invoice 37, 511

    I offered 38,511. They countered with 39,011 with a money factor of .00175 and a residual of 20,038. Sounds great.....but then they said they have a $600 bank fee to Lexus Financial for the lease. That pretty much takes away the negotiated discount.

    Is that a legitimate fee??

    I am frustrated because every time I make an offer, they come back agreeing to part of it, then add the money somewhere else. Has anyone else had to haggle for a week plus with these Lexus dealers? I'm getting tired of this but don't want to pay more than I should. Can anyone give me advice???? The sales guy said that Lexus just doesn't sell cars less than $1500 above invoice.
  • cpa3cpa3 Posts: 88
    Lisa in Dec I purchased mine for $37,000 (Calif) except it was an 07 which was below dealer costs. They get rebates which can bring their costs even lower then invoice. The bank fee to Lexus Financial is standard. You will find if looking through these posts that everyone has them. In my search I never found anyone who was willing to waive them. I would stick with your offer and see if they change their mind or call some other dealers. Dont go to the dealer do it all over the phone..Its easier to get what you want over the phone.
  • Lisa,

    I am also in columbus, have been shopping around since about january and its been pretty challenging finding a good deal in columbus. I just signed on a 2008 (AWD and NAV) for $41200 from Woodfield lexus in chicago which also included the $600 fee. I am pretty sure this is standard. I also agree with CPA3. I too did everything over the phone and the internet. Made the whole ordeal much easier till i was commited and ready to sign.

    Good luck! You're going to love your ride. Lexus takes care of you. Im pretty sure im lexus for life now!

    -=zg
  • carlovernjcarlovernj Posts: 71
    Thank you all for such great advice and information. I'm hoping that someone knows how to calculate a monthly lease amount for me. I was interested in leasing the following vehicle for 36 months:

    2008 RX 350 AWD with the Premium Plus Package - Luxury Value Edition with additional options. The base price of the car is $38,800 + Options $6,191 + Delivery and Handling $715 = MSRP $45,706. The dealer cost is approx 39,838 and I would hope to pay $41,000.

    I would be in the top credit category (tier 1), I believe is .00195, My out of pocket will be $3,000 at time of lease, NJ sales tax of 7%, assume a residual of 56%. I wanted to know the monthly lease amount with tax.

    If there is another piece of information which is needed, please let me know. Thank you so much for your help.
  • radman3radman3 Posts: 1
    Does anyone know what the credit score and agency is for tier 1 credit? Thanks!
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